December 15, 2020
BURLINGTON–(BUSINESS WIRE0 — Desktop Metal and Trine Acquisition Corp., a special purpose acquisition company, today announced they have completed their business combination; the combined company begins trading on the NYSE under the ticker symbol “DM” on December 10, 2020.
Desktop Metal, Inc. (“Desktop Metal” or the “Company”) a leader in mass production and turnkey additive manufacturing solutions, and Trine Acquisition Corp. (“Trine”), a special purpose acquisition company led by Leo Hindery, Jr. and HPS Investment Partners, a global credit investment firm with over $60 billion in assets under management, today announced the completion of their previously announced business combination. The resulting company is named Desktop Metal, Inc.
The transaction was unanimously approved by the board of directors of Trine and was also approved at a special meeting of Trine’s stockholders on December 8, 2020. As a result of this transaction, Desktop Metal has received approximately $580 million of gross proceeds from Trine’s trust account and concurrent equity private placements.
“Today is an exciting moment and major milestone for our company and for the additive manufacturing (AM) industry at large,” said Ric Fulop, Co-founder and Chief Executive Officer of Desktop Metal. “With a broad portfolio of solutions offering revolutionary ease-of-use and productivity for the AM industry, Desktop Metal is uniquely positioned to disrupt how parts are made across a wide range of industries. The capital raised through our transition to a publicly traded company will accelerate our global go-to-market efforts, enhance our relentless efforts in R&D, and allow us to capitalize on the tremendous growth opportunities we see over the next decade as we integrate industry-leading technology and intellectual property with strong secular growth trends around AM. We are excited to bring Desktop Metal to the public markets as the only pure play Additive Manufacturing 2.0 (AM 2.0) company and offer everyone the opportunity to invest in a company aiming to transform the manufacturing industry.”
Founded in 2015 with a vision to pioneer technology that changes the way parts are produced through AM, Desktop Metal has quickly grown to become a global enterprise offering a diverse suite of AM solutions. Led by an experienced team with deep operational and scientific pedigree, Desktop Metal has distribution in more than 60 countries around the world and adoption from leading companies spanning a broad array of industries, including automotive, consumer products, industrial automation, medical devices, aerospace and defense. The Company’s product portfolio is anchored by its flagship Production SystemTM P-50, which is scheduled to begin volume commercial shipments in the second half of 2021. The P-50 is designed to achieve print speeds up to 100 times those of legacy technologies(1), delivering thousands of parts per day at costs competitive with conventional manufacturing. The recently revealed Production System P-1 leverages the same patent-pending Single Pass JettingTM technology as the P-50 and begins initial shipments to customers in Q4 2020. Desktop Metal’s AM 2.0 portfolio also includes Shop SystemTM, a mid-volume, flexible manufacturing solution designed for machine shops which began volume manufacturing and global shipments in Q4 2020; Studio SystemTM, an office-friendly metal 3D printing system for low-volume production which has been shipping in volume globally since 2018; and FiberTM, a continuous fiber composite printer, scheduled to begin volume commercial shipments in Q4 2020.